Oil keeps sliding as US producers boost output and hurricane weakens

Singapore — Oil prices dropped for a second consecutive session on Monday as US producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway ended.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

In the US, Hurricane Delta, which dealt the greatest blow to US offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday. However, Colonial Pipeline, the largest oil products pipeline in the US, shut its main distillate fuel line after the hurricane disrupted power, the company said on Sunday.

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